DDM Analysis: 002728.SZ

Valuation Snapshot

Stable Growth	$1.89 - $3.20	$2.46
Multi-Stage	$2.26 - $2.48	$2.37
Blended Fair Value	$2.41
Current Price	$8.61
Upside	-71.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.00%	27.15%	0.35	0.29	0.29	0.27	0.32	0.29	0.23	0.06	0.06	0.03
YoY Growth	-	-	22.34%	0.95%	6.67%	-15.60%	9.42%	26.51%	271.10%	6.23%	72.91%	5.32%
Dividend Yield	-	-	4.43%	2.47%	2.50%	3.07%	5.56%	3.76%	2.70%	0.66%	0.38%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	79.70
(-) Cash Dividends Paid (M)	7.64
(=) Cash Retained (M)	72.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.94	9.96	5.98
Cash Retained (M)	72.07	72.07	72.07
(-) Cash Required (M)	-15.94	-9.96	-5.98
(=) Excess Retained (M)	56.13	62.10	66.09
(/) Shares Outstanding (M)	517.69	517.69	517.69
(=) Excess Retained per Share	0.11	0.12	0.13
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.11	0.12	0.13
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	2.00%	3.00%	4.00%
Fair Value	$1.89	$2.46	$3.20
Upside / Downside	-78.00%	-71.39%	-62.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	79.70	82.09	84.55	87.09	89.70	92.39	95.16
Payout Ratio	9.58%	25.66%	41.75%	57.83%	73.92%	90.00%	92.50%
Projected Dividends (M)	7.64	21.07	35.30	50.37	66.30	83.15	88.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	2.00%	3.00%	4.00%
Year 1 PV (M)	19.21	19.39	19.58
Year 2 PV (M)	29.34	29.91	30.50
Year 3 PV (M)	38.16	39.29	40.44
Year 4 PV (M)	45.79	47.61	49.49
Year 5 PV (M)	52.35	54.97	57.69
PV of Terminal Value (M)	984.13	1,033.33	1,084.48
Equity Value (M)	1,168.97	1,224.51	1,282.18
Shares Outstanding (M)	517.69	517.69	517.69
Fair Value	$2.26	$2.37	$2.48
Upside / Downside	-73.77%	-72.53%	-71.23%

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Sector

Teyi Pharmaceutical Group Co.,Ltd (002728.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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